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Re:Lake Tahoe Property Sells for $1.6M in Bitcoins by bitxbitxbitcoin on Tuesday February 09, 2021 @04:46PM (#26082773)
This needs a (2014). "$1.6M in Bitcoins" was 7400 BTC.
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Re:Lake Tahoe Property Sells for $1.6M in Bitcoins by snypher on Tuesday February 09, 2021 @04:56PM (#26082881)
Around $300 million now.
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Re:Lake Tahoe Property Sells for $1.6M in Bitcoins by thebruce87m on Tuesday February 09, 2021 @07:25PM (#26084386)
In the UK we have to pay Capital Gains Tax whenever converting from crypto -> fiat or even crypto-> crypto, assuming the value of the crypto has increased from when you bought it.

I wonder if this problem goes away if you buy something direct with Bitcoin?

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Re:Lake Tahoe Property Sells for $1.6M in Bitcoins by plerpin on Tuesday February 09, 2021 @08:34PM (#26084848)
It does not. Bitcoin is a commodity, not a currency, so you have to pay capital gains on any appreciation that you realize.

Active traders of Bitcoin have to track the bases of their lots so that they can pay taxes on each sale.

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Re:Lake Tahoe Property Sells for $1.6M in Bitcoins by michaelmu on Tuesday February 09, 2021 @04:31PM (#26082619)
How would you handle escrow for that?
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Re:Lake Tahoe Property Sells for $1.6M in Bitcoins by jiveturkey on Tuesday February 09, 2021 @04:44PM (#26082735)
As hinted at in the article -- via a bitcoin exchange. BitPay in this case. BitPay is unlikely to be a title agency, so likely no title insurance. I guess this kind of transaction can make sense if it's difficult for the buyer to change BTC for USD -- KYC and all that. For a $1.6M property I don't really see the point.
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Re:Lake Tahoe Property Sells for $1.6M in Bitcoins by bitxbitxbitcoin on Tuesday February 09, 2021 @04:46PM (#26082766)
The same way an all cash transaction would be handled, I imagine.

In this instance, Martis Camp used BitPay and received USD in their bank.

Bet they wished that they kept the 7400 BTC instead.

[ Parent | on HN ]